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Crystal Palace’s hopes of competing in next season’s Europa League have become entangled in a complex web of ownership dealings and UEFA regulations, as John Textor—the club’s largest shareholder—pushes ahead with plans to take his holding company, Eagle Football, public in the United States.
Textor’s football empire spans clubs across continents, including majority stakes in French side Olympique Lyonnais and Brazil’s Botafogo, in addition to a significant share in Palace. Documents reviewed by the Guardian confirm that Eagle Football has confidentially filed an S-1 with the US Securities and Exchange Commission for an initial public offering (IPO), although neither the number of shares nor their price has been disclosed.
While Textor has long planned to float Eagle Football—he first mentioned an expected $2bn valuation last November—the timing is critical. His ownership in Lyon and partial stake in Crystal Palace presents a potential breach of UEFA’s multi-club ownership rules, which prohibit one person from having decisive influence over multiple clubs in the same competition.
As Lyon and Palace both secured qualification for the 2025–26 Europa League—Palace by defeating Manchester City in a historic FA Cup final win—UEFA stepped in. The governing body rejected Textor’s proposal to place his 44.9% Palace stake into a blind trust, citing his failure to meet the March 1 compliance deadline. “Textor declined to comment or discuss his intentions.”
Amid increasing pressure, Textor has accelerated efforts to divest his Palace shares. The Guardian reports that New York Jets owner Woody Johnson has tabled a £190m bid. “That price is believed to be considerably short of his valuation,” though the offer is said to be supported by club chairman Steve Parish.
Meanwhile, another proposal is being led by NBA star Jimmy Butler, alongside investors Bejan Esmaili and Wajid Mir, with a $200 million offer that could value Palace at over $465m. The trio reportedly stepped in after an earlier bid involving Jason Kidd and Saudi backers fell through. “The consortium has the backing of an American group that, according to The Athletic, have ‘experience investing in soccer clubs’.”
Despite various bidders circling, Textor’s preference remains a sale to fellow shareholders Josh Harris and David Blitzer, who each own 18%. But drawn-out negotiations have yet to yield an agreement. Textor, who first invested £87m for a 40% stake, has since committed over £180m to the club, and “is reluctant to sell at a big loss.”
Last week, Palace executives met UEFA officials in Switzerland to argue their case. “Palace have expressed confidence they will be cleared by Uefa to take part in the Europa League on the grounds that Textor does not have a ‘decisive influence’ at the club.”
Drogheda United were expelled from the Conference League last week due to ownership overlaps with Danish side Silkeborg. “Drogheda responded by saying they will take the matter to Cas,” and Palace’s case may also be headed to the Court of Arbitration for Sport in Lausanne.
Should Palace be removed from the Europa League, Nottingham Forest would be promoted from the Conference League to take their spot. Forest, sensing opportunity, have already written to UEFA and are preparing legal options should Palace be cleared. “They, in turn, could take the matter to Cas if Palace are allowed to stay in the Europa League.”
Featured Image Credit: X / @CPFC
